UCO Bank vs Suryoday Small Finance Bank

UCO Bank vs Suryoday Small Finance Bank

UCO Bank offers its UCO Smart Kids Savings Bank Scheme for children above 10 years of age while Suryoday Small Finance Bank does not offer a dedicated children’s account but instead offers minors the option to open a standard savings account as a minor account.

Children’s Savings Accounts from UCO Bank

The bank offers the UCO Smart Kids Savings Bank Scheme for children above the age of 10 years.

UCO Smart Kids Savings Bank Scheme

The account allows kids to open and run a savings account without any need for joint ownership with parents or guardians.

Features

  • Any literate child above the age of 10 years can open and operate the account
  • There is no minimum balance requirement
  • The kids get two chequebooks a year
  • The ATM card is personalised with a photograph. Kids also get a good looking passbook
  • Children can withdraw up to Rs. 3,000 per day subject to a limit of Rs. 15,000 per month through ATMs or net banking
  • A key benefit of this UCO Smart Kids Savings Bank Scheme is the ability for children to undertake transactions through net banking after a certain period of time
  • The bank also offers concessions for education loans

Children’s Savings Accounts from Suryoday Small Finance Bank Limited

Suryoday Small Finance Bank does not offer a dedicated children’s account and offers minors the option to open a standard savings account as a minor account. All of the bank’s savings accounts can be opened by a minor under a parent or a guardian. We take a look at the two base variants of the bank’s savings account line-up.

Savings Ujjwal

The account is the most basic of the savings accounts offered by Suryoday.

Features

  • The average monthly balance requirement is Rs. 2,000, though anyone choosing to open an account has to start with an initial deposit of Rs. 3,000
  • Accountholders can choose to keep a fixed deposit of Rs. 10,000 in lieu of the minimum balance
  • The bank offers a higher rate of interest than most other banks for similar slabs of balance. Accounts with balance up to Rs. 1 lakh earn 6.25% per annum and those with balance between Rs. lakh and Rs. 10 lakh earn 7.25%. This is as of March 2019
  • The Savings Ujjwal account comes with a RuPay Classic Secure Chip Debit Card
  • The daily ATM and POS limits is restricted to Rs. 20,000
  • Online money transfers such as RTGS, NEFT, IMPS are chargeable after 3 transactions
  • The bank offers a personal accident insurance cover of Rs. 1 lakh with the account

Savings Aditya

This savings account is ranked one step up the Savings Ujjwal.

Features

  • The account has a minimum average monthly balance of Rs. 5,000 and needs Rs. 7,500 to open the account
  • Accountholders can create and keep an FD of Rs. 25,000 if they want to forego the minimum balance requirements
  • The Savings Aditya account also comes with a RuPay Classic Secure Chip Debit Card
  • The limit on daily ATM and POS transaction is pegged at Rs. 40,000
  • Accountholders get 10 free ATM transactions on the bank’s own ATMs and up to 5 on other bank ATMs
  • The accountholder can access up to 10 free RTGS, NEFT or IMPS payment transfers
  • Like with the Ujjwal account, the Aditya offers a higher rate of interest

Note: Suryoday in its savings account page/tabs for each account clearly mentions that all bank’s savings accounts from Ujjwal to Savings Supreme can be opened on behalf of a minor

Reference Facts

  • UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 274 0123
  • Suryoday Small Finance Bank Website: www.suryodaybank.com
  • Headquarters: Navi Mumbai, Maharashtra
  • Call Centre Number: 1800 266 7711